Hydro One Limited Announces Filing of Preliminary Universal Base Shelf Prospectus for Debt, Equity and Other Securities

TORONTO, March 23, 2016 /CNW/ - Hydro One Limited ("Hydro One" or the "Company") (TSX: H), Ontario's largest electricity transmission and distribution company, today announced that it has filed a preliminary universal short form base shelf prospectus with securities regulatory authorities in each of the provinces and territories of Canada. The base shelf prospectus, when made final, will allow Hydro One to offer, from time to time in one or more public offerings, up to $8.0 billion of debt, equity or other securities, or any combination thereof, during the 25-month period that the base shelf prospectus is effective. The base shelf prospectus will also qualify the secondary offering of common shares and preferred shares by the Province of Ontario (the "Province"). Hydro One filed this base shelf prospectus in part to facilitate future offerings of shares of the Company by the Province and in order to provide the Company with financing flexibility going forward. The specific terms of any future offering will be established in a prospectus supplement to the base shelf prospectus filed at the time of such offering.

A copy of the preliminary short form base shelf prospectus can be obtained at SEDAR at www.sedar.com. The preliminary short form base shelf prospectus filed today has not yet become final. No securities may be sold, nor may offers to buy be accepted, under the base shelf prospectus until a receipt for the final base shelf prospectus has been issued.

This news release does not constitute an offer to sell or the solicitation of an offer to buy any securities in any jurisdiction. The securities referred to in this news release have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act"), or any U.S. State securities laws and may not be offered or sold, directly or indirectly, within the United States (as defined in Regulation S under the U.S. Securities Act) or to, or for the account or benefit of, U.S. persons (as defined in Regulation S under the U.S. Securities Act) other than pursuant to an available exemption from the registration requirements of the U.S. Securities Act. This press release does not constitute an offer to sell or a solicitation of an offer to buy any such securities within the United States.

About Hydro One:

Hydro One is Ontario's largest electricity transmission and distribution company headquartered in Toronto, Ontario with approximately $24 billion in assets and 2015 revenues of over $6.5 billion. Hydro One delivers electricity safely and reliably to over 1.3 million customers across the province of Ontario, and to large industrial customers and municipal utilities. Hydro One owns and operates Ontario's approximately 29,000 circuit km high-voltage transmission network and an approximately 123,000 circuit km primary low-voltage distribution network.

Forward-Looking Information:

This press release contains "forward-looking information" within the meaning of applicable securities laws. Words such as "expect," "anticipate," "intend," "attempt," "may," "plan," "will", "can", "believe," "seek," "estimate," and variations of such words and similar expressions are intended to identify such forward-looking information. These statements are not guarantees of future performance or actions and involve assumptions and risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed, implied or forecasted in such forward-looking information. Some of the factors that could cause actual results or outcomes to differ materially from the results expressed, implied or forecasted by such forward-looking information, including some of the assumptions used in making such statements, are discussed more fully in the Company's filings with the securities regulatory authorities in Canada, which are available on SEDAR at www.sedar.com. The Company does not intend, and they disclaim any obligation, to update any forward-looking information, except as required by law.

SOURCE Hydro One Limited

Further information for investment community: Bruce Mann, Investor Relations, [email protected], 416-345-5722; Further information for media: Daffyd Roderick, Corporate Communications, [email protected]